Severance Packages

Is not uncommon for an employer to offer a severance package to management and executive employees upon termination. If you have been offered a severance package, before you sign anything you should talk to an employment lawyer. If you have not been offered a severance package, but your termination was under circumstances in which it may have been unlawful (your termination was based on age, race, sex, disability, national origin, or religion) you may want to negotiate for a severance package in exchange for your potential claims.

In almost all cases, severance packages are negotiable. What that means is that you can ask for more money, more benefits, or negotiate for other items that may be beneficial to you. Your severance package will almost certainly require you to sign a release which will require you give up many rights that you may otherwise have. In order to make an informed decision, you should consult with an attorney to see what other possible claims you may have and whether you should pursue them.

Before you sign anything, you should consult with an attorney. Later on saying that you did not understand what you signed will not get you very far. Generally, you have 21 days to decide whether you want accept a severance agreement. Even after you sign it, in some cases you have up to seven days after that to revoke it.

Severance agreements often include noncompete agreements which could make it very difficult for you to find another job. Often people sign noncompete agreements under the mistaken belief that they are unenforceable. That could be a serious mistake. You should consult with an attorney to understand your obligations under a noncompete agreement and perhaps negotiate language that will allow you to continue to work in your chosen field.